Owned by the Fairfax media dynasty, whose publications include the Sydney Morning Herald, it is expected to sell for between £43 million and £54 million. The current record for a luxury residential sale in Oz is £28 million, so it is a hefty leap.

The magnificent estate, named Elaine, has been in the Fairfax family since 1891.

It is on the market with Christie’s, and seven bedrooms, seven bathrooms, a ballroom, stables and a grass tennis court are included in the eye-watering asking price.